Feb
10

Before buying a foreclosure do I need a home inspection?

By | Home Buying

9 Comments

Question: home inspection?

We recently purchased a home that was foreclosed. We knew the previous owners and keep in contact with them on a regular basis. They told us everything that they had going wrong with the house or any problems they were having (really, not much). The home was winterized about 4 months ago. Our real estate agent said since the previous owners are telling us everything with the house, it wasn’t necessary for us to put up the $400 to get the home inspection. I would feel better, however, to at least have somebody come out to look at utilities and termites. Is this possible to do, or when I sign up for an inspection, do I have to get the whole shebang?

Answer:

I always recommend that my clients get a home inspection.  The old owners may not even know everything that might be wrong with the house. “Pay the money it’s worth it”

You can have a home inspection even if you already purchased the home. but you should have done one prior to your home purchase. 

Virtually very mortgage  lender will require a satisfactory termite inspection prior to generating a clear to close. Most likely you had a termite inspection.

What do you think? Answer below!

Feb
02

Is it possible to have a home inspection done on a foreclosed home?

By | Home Buying

4 Comments

Question : Is it possible to have a home inspection done on a Foreclosured home?
I’m interested in purchasing a foreclosed home. My realtor is trying to get me to buy it without having a home inspection done.  I’m afraid of buying it without a home inspection because of all the potential problems that could come up later.  Will the bank that owns the home agree to turn the utilities on so that we can have an inspector run tests on them? I don’t want to purchase a home without knowing what I’m getting into.

Best answer:

Many of the REO (Real Estate Owned) companies that I deal with regulary allow home inspections for information purposes. The reason that foreclosed homes are sold AS -IS is because the REO companies that are handling them do not know the property’s history. Regardless of having a home inspection or not the utilities will need to be turned by someone depending on the type of loan your getting.   Again most of the REO companies I deal with have “US” as the listing broker turn on the utilities on in our name. Some REO companies have property preservation companies that turn on the utilities on in their name. FHA/HUD foreclosures have the buyer take responsibility for all the utilities that are neccessary to have the inspected, appraised and or tested. Anything is possible when it comes to utilities. Just ask the question and findout.

Home inspections are always a good idea and can save you from purchasing a home with hidden defects that you may not be able to afford. When writing your contract offer make it contingent upon a satifactory home inpection.

Know better? Leave your own answer in the comments!